BAODING, China, Jan. 4, 2022 /PRNewswire/ -- IT Tech Packaging,
Inc. (NYSE American: ITP) ("IT Tech Packaging" or "the Company"), a
leading manufacturer and distributor of diversified paper products
in North China, today released a
letter to shareholders from the Chairman of the Company's board of
directors.
Dear Shareholders,
We are grateful for your continuous support. As we close out the
year 2021, we are pleased to take this opportunity to share with
you our business developments and significant achievements during
2021, and also provide some insights in our strategic
direction.
2021 is the first year of China
14th Five-Year Plan (2021-2025) for National Economic and Social
Development and Long-Range Objectives for 2035, and it is also a
key year for the Company to optimize its business development.
While encountering tremendous challenges associated with COVID-19
pandemic,we are proud to see the result that, given our rigorous
enforcement of preventive measures to protect the safety and health
of our employees during the pandemic, none of our employees was
infected. Furthermore, the Company also launched new projects in
2021 despite the headwinds of COVID-19 pandemic.
Business Development Optimization:
Since the end of November 2021, the Company has officially
started surgical masks production, which complies
with China's pharmaceutical industry standard
YY0469-2011. The annual production capacity of the surgical masks
is expected to reach 38 million pieces with gross profit margin of
approximately 35%. The Company's surgical masks have been sold to
the local companies in catering or sanitation industries, and the
Company has also obtained bidding qualifications from various
pharmaceutical companies and hospitals.
The Company obtained qualifications to supply central heating in
industrial parks with its combined heat and power generation
project utilizing biomass technology ("Biomass CHP Project" or "the
Project") and the Project has officially started construction. With
successful operation of the Biomass CHP Project, it will not only
meet the Company's own energy needs, but will also generate
significant revenues by supplying industrial gas to enterprises
operating in the industrial parks and heating and electricity to
nearby residential.
Corporate Social Responsibility Practice:
In July 2021, the Company has
donated disaster relief household goods including masks and
essential household goods to Xinxiang city of Henan province, where was affected by
severe flooding, caused by a prolonged period of heavy
rainfall. The household goods departed from Xingtai city of
Hebei province and delivered to a
donation center at a middle school in Xinxiang city, to help people
affected by the disaster.
Research and Development Achievement:
The Company's tissue paper research and development center has
received a Level B scale-above Certification as an industrial
R&D enterprise institution in Hebei province after
on-site inspection by regulators. The Company has also been granted
a number of new utility patent certificates on paper manufacturing
related equipment issued by the State Intellectual Property Office,
including equipment testing, screening and filtering, and mixing.
The granted certificates mark the Company's achievements in
technologies are protected and recognized as intellectual property
rights and laid a solid foundation for the sustainable development
of the Company's technology innovation in the future.
Market Opportunities:
On January 8, 2008, The General
Office of the State Council issued a notice on restricting the
production, sale and use of plastic shopping bags, which banned the
production, sale and use of ultra-thin plastic bags nationwide from
June 1, and implemented a system of
paying for the use of plastic bags. With the implementation of the
"Plastic Ban" policy, the market opportunities of paper industry in
China have grown rapidly, and the
demand for paperboard has increased by more than 10 million tons
according to the data from Vzkoo.com. The paper products have
become the primary choice for non-degradable plastic substitutes,
and the Chinese market scale of paper industry will be further
expanded in the foreseeable future.
Growth Strategies for 2022:
The Company will develop marketing channels, expand customer
base, and strengthen social responsibilities with its advantages in
technology, research and development capacity, and geography as
always.
The Company will continue to focus on paper products, by making
full use of production capacity and achieving improvement in
product quality and effective cost control, to increase
profitability and operation efficiency.
The Company will promote the construction of Biomass CHP Project
as we aim to create long-term value for shareholders and enhance
its brand recognition.
Looking forward, the Company is committed to creating value for
its customers, employees, shareholders, partners, industry and
society by seizing new opportunities and diversifying
businesses.
We would like to thank our team for their hard work and our
shareholders for their continued support. We will remain intact and
fully dedicated to drive our business growth while seizing upcoming
opportunities. We strongly believe we will continuously create
value and bring all of our shareholders in sustained returns.
Zhenyong Liu
Chairman and Chief Executive Officer
IT Tech Packaging, Inc.
About IT Tech Packaging, Inc.
Founded in 1996, IT Tech Packaging, Inc. is a leading
manufacturer and distributor of diversified paper products and
single-use face masks in North
China. Using recycled paper as its primary raw material
(with the exception of its tissue paper products), ITP produces and
distributes three categories of paper products: corrugating medium
paper, offset printing paper and tissue paper products. With
production based in Baoding and Xingtai in North China's Hebei
Province, ITP is located strategically close to the
Beijing and Tianjin region, home to a growing base of
industrial and manufacturing activities and one of the largest
markets for paper products consumption in the country. ITP has been
listed on the NYSE American since December
2009. For more information, please
visit: http://www.itpackaging.cn/.
Safe Harbor Statements
This press release may contain forward-looking statements. These
forward-looking statements involve inherent risks and uncertainties
that could cause actual results to differ materially from those
projected or anticipated, including risks outlined in the Company's
public filings with the Securities and Exchange Commission,
including the Company's latest annual report on Form 10-K. All
information provided in this press release speaks as of the date
hereof. Except as otherwise required by law, the Company undertakes
no obligation to update or revise its forward-looking
statements.
For more information, please contact:
At the Company
Email: ir@itpackaging.cn
Tel: +86 0312 8698215
Investor Relations:
Ascent Investor Relations LLC
Ms. Tina Xiao
Email: tina.xiao@ascent-ir.com
Tel: +1 917 609 0333
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SOURCE IT Tech Packaging, Inc.